Thank you for your interest in the Russell Homeownership Incentive Program! This is an exciting opportunity to move into a neighborhood rich with history and has wonderful housing stock. Louisville Metro Government is placing a priority in incentivizing homeownership in an effort to further stabilize the Russell neighborhoods through both the Russell Homeownership Incentive Program and an amendment to the Property Assessment and Reassessment Moratorium Program.
Incentives are being offered for individuals and families who want to live into the homeownership incentive area, with the goal of turning existing renters in Russell into homeowners. If you meet the following criteria, this program is for you!
Interested in being a homeowner and residing in the Russell Homeownership Incentive Area (see maps below).
Committed to keeping the home as your primary residence for five years.
Excited about making up to $24,999 in qualified improvements to your home. Participants must be approved prior to repairs being made and any cost over $24,999 will be the responsibility of the homeowner and paid in full prior to Louisville Metro Government paying the remaining cost.
Willing to complete homeownership counseling, if a first-time homebuyer.
Willing to conduct a lead inspection on the property if it was built prior to 1978. We can help provide contact information of qualified companies.
Louisville Metro Government is committed to creating an easy process for you to participate in the program. We are always available for questions or to help you through the process. Please know that we will move forward as quickly as possible on the processing of applications. We expect this process to take approximately eight weeks from bank closing to completion of the work on your new home, but there are many variables in the homeownership process that we do not control which can prolong the progression of your case. We are committed to continued communication with you as we move through this process together and you will always know where you stand with us. Please ensure that your realtor is aware that you are applying for SPRHIP funding and that your sales contract will accommodate this timeframe.
Homeowners can used the funds through the Russell Homeownership Incentive Program to qualify for Louisville Metro's Property Assessment and Reassessment Moratorium Program, which encourages the repair, rehabilitation, restoration, or stabilization of qualifying structures located in the Louisville Metro area. Under the program, owners of qualified commercial or residential property may be eligible for a moratorium (or a freeze) on a portion of local taxes for a period of five years depending on the location of the property. In 2020, Property Assessment and Reassessment Moratorium Program was updated to lower the threshold for qualified owner-occupied properties in historically disinvested neighborhoods, including the Russell neighborhood. More information can be found here.
Homeownership Incentive Areas
To apply, please read and fill out all documentation below.
These forms can be filled out and submitted online.
These forms should be printed, filled out and provided to the Housing Rehab Specialist when you meet with them.
Lead Based Paint Disclosure--only fill this out if the purchased property was built before 1978
Lead Hazard Evaluation Notice--only fill this out if the purchased property was built before 1978